The pair was charged with first-degree murder on Tuesday morning as they appeared in court.
Sergeant Steve Bereziuk says he is satisfied with these charges for now. Police said Dunsmure is closed in both directions in that area.
Police say that they have obtained video footage of the incident and are confident that they will track down the remaining two suspects, CBC reports.
The boy was a student at the Main Street East high school and died as a result of his injuries, police said.
Bereziuk said police arrested a 14-year-old boy and 18-year-old man hours after the alleged stabbing, adding both have since been formally charged with first-degree murder.More news: Boeing sells first 737 Max since global groundings
A third unidentified male suspect was arrested by police, but was later released after determining his involvement with the investigation.
Bereziuk said police believe there was a relationship between the suspects and the victim, although he wouldn't elaborate on what that relationship was.
A can of pepper spray was located nearby that Bereziuk said may be part of the investigation.
Investigators are continuing to look into the relationship between the accused and the victim, Berziuk said. They're also asking people to turn over any other video they have of the incident, such as from security or dashboard cameras.
The identity of those facing charges in connection with the fatal stabbing can not be released due to a publication ban and the Youth Criminal Justice Act.More news: Penn State player tweets 'racist' letter sent to teammate about 'disgusting' dreadlocks
"She was just very upset", a witness, who only identified herself as Alice, told CTV News Toronto.
"Our hearts are broken by the news that a 14-year-old student has died".
"Our thoughts are with the student's family and loved ones". "There are no words that can begin to describe how shocked we are to learn about this loss", Manny Figueiredo, the board's director of education, said in a statement. The school will have support staff on hand to help students cope.
The stabbing of the young Hamiltonian is the city's ninth homicide this year. "We must always promote acts of kindness and peace for the sake of our entire Hamilton community".More news: Ellen DeGeneres defends friendship with George W. Bush
- Owning a dog reduces your risk of dying early, study finds
- Winning €190m EuroMillions ticket sold in UK
- Al Qaeda leader for the Indian subcontinent killed in South of Afghanistan
- JT Of The City Girls Released From Prison. Twitter Welcomes Her Home
- 3 win Nobel Prize in Physics for discoveries in cosmology
- Robert Downey Jr reacts to Martin Scorsese’s criticism of Marvel movies
- International Monetary Fund chief says effects of global slowdown 'more pronounced in India'
- Google's Pixel 3a drops to $349 on Amazon
- Elle Fanning went paintballing with Angelina Jolie
- Court delays decision on forcing PM to seek Brexit extension